HUDCO raises Rs 1,300 cr via private placement of bonds

State-owned HUDCO today said it has raised Rs 1,300 crore through private placement of non- convertible bonds to finance the affordable housing and urban infrastructure projects.

State-owned HUDCO today said it has raised Rs 1,300 crore through private placement of non-convertible bonds to finance the affordable housing and urban infrastructure projects. (Facebook)

State-owned HUDCO today said it has raised Rs 1,300 crore through private placement of non-convertible bonds to finance the affordable housing and urban infrastructure projects. Housing & Urban Development Corporation Ltd said in a statement that it “has raised a sum of Rs 1300 crore through private placement issue(s) of unsecured, redeemable, non-convertible bonds at lowest possible interest rates”.

While the issue of Rs 700 crore was raised at 7.36 per cent on September 16, the second tranche of Rs 600 crore was mopped up at 7.35 per cent on September 22.

These bonds would fall due for maturity on November 30, 2019 and January 22, 2020, respectively.

HUDCO has raised Rs 1,800 crore so far this fiscal through private placement of bonds and mopped another Rs 250 crore through other sources including public deposits.

The company had disbursed Rs 8,248 crore in housing and urban infra projects in 2015-16 and it expects to achieve higher disbursement the current financial year.

HUDCO is a techno-financial institution engaged in the financing and promotion of housing and urban infrastructure projects across the country. It is under the administrative control of the Housing and Urban Poverty Alleviation ministry.

During the 2015-16 fiscal, the company had posted a net profit of Rs 783.79 crore over a gross income of Rs 3,302.20 crore.